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The Central Bank of Nigeria (CBN) yesterday raised its benchmark interest rate, the Monetary Policy Rate (MPR) by 400 basis points from 18.75 percent to 22.75 percent.

The CBN also adjusted the Asymmetric Corridor around the MPR to +100/-700  from +100/-300 around the MPR.

CBN Governor, Mr. Olayemi Cardoso, disclosed this while briefing journalists on the outcome of the Monetary Policy Committee, MPC, held yesterday in Abuja.

Cardoso also disclosed that the MPC raised the  Cash Reserve Ratio (CRR) of banks  to 45% from  32 percent.  

The MPC however, retained the Liquidity Ratio at 30 percent.  

Cardoso said that the decision to jerk up the MPR   was to tackle the high rate of inflation and the large volume of liquidity in the system.